Techno-Economic Feasibility of the Use of Floating Solar PV Systems in Oil Platforms

Abstract

Offshore facilities have high energy demands commonly accomplished with local combustion-based power generators. With the increased commercialization of the marine renewable energy sector, there is still a need for research on floating photovoltaic installations on their performance and economic perspective. This paper investigates the techno-commercial feasibility of installing a battery-integrated floating solar photovoltaic (FPV) system for an offshore oil platform facility in Abu Dhabi. The performance analysis of two floating PV design schemes has been evaluated using the PVsyst design tool. The proposed system’s annual solar energy availability from the PVsyst 7.2.21 output was validated with MATLAB Simulink R2022b with a deviation of 1.85%. The optimized solution achieved the Levelized Cost of Electricity (LCOE) of 261 USD/MWh with a Discounted Payback Period of 9.5 years. Also, the designed system could reduce carbon emissions by 731 tons per year. Furthermore, it was recognized that the contribution of the marine sector to the construction of floating platforms influences the success of floating PV systems. Independently authorized floating PV system designs would guarantee insurability from the viewpoints of investors and end users.